{"id":388059,"date":"2019-06-30T05:00:40","date_gmt":"2019-06-30T05:00:40","guid":{"rendered":"https:\/\/wncen.com\/?p=388059"},"modified":"2024-06-11T13:44:49","modified_gmt":"2024-06-11T13:44:49","slug":"bitcoin-rebounds-nicely-btc-bulls-sighting-next-crucial-break","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-rebounds-nicely-btc-bulls-sighting-next-crucial-break\/","title":{"rendered":"Bitcoin Rebounds Nicely, BTC Bulls Sighting Next Crucial Break"},"content":{"rendered":"
Bitcoin price is showing a lot of positive signs above $11,600 against the US Dollar. BTC could continue to gain momentum once it clears the key $12,500 resistance area.<\/em><\/p>\n This past week, bitcoin price traded higher sharply above the $11,000 and $12,000 resistances against the US Dollar. The BTC\/USD pair even gained strength above the $13,000 level and traded close to the $14,000 level. A new 2019 high was formed near $13,875<\/a> and later the price started a sharp downside correction. There was a sharp dip below the $12,000 and $11,000 level.<\/p>\n Moreover, the price traded close to the $10,000 level and the 100 simple moving average (4-hours). Finally, the $10,400 level acted as a strong support and the price stayed well above the 100 SMA. A swing low was formed near $10,310 and the price recently started a fresh increase<\/a>. It traded above the 50% Fib retracement level of the recent decline from the $13,875 high to $10,310 low.<\/p>\n In addition, bitcoin price managed to settle above the $12,000 level. More importantly, there is a major contracting triangle forming with resistance near $12,300 on the 4-hours chart of the BTC\/USD pair. The 61.8% Fib retracement level of the recent decline from the $13,875 high to $10,310 low is near the $12,500 level. Therefore, an upside break above the $12,400 and $12,500 levels is needed for more gains.<\/p>\n Once there is a close above the $12,500 level, the price may accelerate above the $12,800 and $13,000 levels. The next key resistance is near the $13,300 level, followed by $13,650.<\/p>\n On the downside, there is a strong support forming near the $12,000 level. If the price fails to break the $12,500 resistance, it could correct lower. An immediate support is near the $11,600 level, below which bitcoin could trade towards the $11,200 support.<\/p>\nBitcoin Price Weekly Analysis (BTC)<\/h2>\n